Steve Case on AOL-Time Warner merger: 'Oops.'
You have to admire a man who can make fun of himself.
AOL co-founder Steve Case was one of the engineers behind the 2001 AOL-Time Warner merger which, by acclaim, was the worst merger of the decade, or possibly ever.
The new company was supposed to dominate the 21st-century media landscape, merging Time Warner's content with AOL's Internet distribution. Problem was, trying to send movies through dial-up Internet connections was like trying to shove a hippo through a garden hose. Also, the two cultures never meshed. At the end, a decade later, AOL was spun off to be its own company again, with an uncertain future, and billions in shareholder value is gone.
Well, you can't say Case hasn't accepted his fair share of the blame for the debacle.
And today, on his Twitter account, he does so again, with Twitterian character efficiency.
On his Twitter feed, he links to an article in today's Investing Contrarian, headlined, "Six People Who Helped Shape A Tumultuous Decade."
At the end, he writes one word: "Oops."
(Hat tip: J. Freedom du Lac.)
-- Frank Ahrens
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December 18, 2009; 2:23 PM ET
Categories: The Ticker | Tags: AOL, AOL Time Warner, Steve Case, Twitter
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